Meeting US federal, US state and international transparency reporting requirements requires a substantial amount of time and resources from you and your team. Regulations have grown increasingly more complicated and will continue to expand as more jurisdictions introduce new laws and expansions to current rules. Creating an efficient, time-saving process for transparency reporting is a must.
Below are some tips we’ve learned at MediSpend for ways to save time when meeting a transparency reporting deadline:
1. Be proactive
Manage validation issues and missing data early. If allowed, execute test submissions long before the data is finalized.
2. Test early and often
If the submission portal allows, login early to ensure people have the proper access needed for any submission/attestation.
3. Identify, track and remediate the trends
Habits are a natural way of life. This is no different with transparency reporting. Your data, and data providers, can often make the same mistakes or have the same gaps in their processes. Reviewing the data and tracking these trends allows you to easily mitigate and accommodate these challenges moving forward, leading to cleaner data and better submissions.
4. Analytics is Your Friend
Do early comparisons of your data from year to year to identify potential missing data and outliers.
5. Automation > Manual
When dealing with large data sets, manually manipulating the data is not only time consuming but also prone to human error. Direct integrations with enterprise source systems alleviates the headaches of sorting and filtering while ensuring your data is complete and accurate.
A cloud-based compliance system provides centralized access to global information, reduced risk through systematized processes, near real-time compliance monitoring and on-demand infrastructure scaling. To learn more about how MediSpend solutions can help your organization, please contact us or call (888) 731-7322 x8300.
Lucas Croteau
Director, Client Services
May 7, 2020